An emergency fund is a personal budget set aside as a financial safety net for future mishaps or unexpected expenses. Emergency funds create a financial buffer that can keep you afloat in a time of need without having to rely on credit cards or take out high-interest loans.
- How much do I need to save? Many experts encourage 6-9 months of living expenses.
- What type of account should I use? Having a separate emergency savings account is best.
- How can I get started? If you’re ready to set up an emergency fund, the first step is to review your budget and determine how much you can realistically put away each month. Stop by one of our banking centers or give us a call to set up your emergency savings account. From there, you can “set it and forget it” with an Automatic Transfer that will move the amount of money you choose into a savings account on a schedule that works for you.
Stop by or give us a call to set up your emergency savings account today!